U.S. House of Representatives Speaker Nancy Pelosi said she is seeking to finalize a deal to raise the debt ceiling and resolve an impasse over the budget before the August congressional break.
She made the remarks to reporters amid warnings from the treasury secretary that the government could begin running out of money to pay its bills in September.
Pelosi’s comments on Thursday evening were her first indication she expected lawmakers to move more quickly than a vote in September, which is when both issues would need to be addressed.
Asked about budget and debt negotiations during a news conference earlier on Thursday, she said, “We’ll just see about the timing. We’re having our back-and-forth conversation.”
Without a spending deal in place for the fiscal year starting Oct. 1, deep reductions in funding for defense and non-defense programs would be triggered. Both Republicans and Democrats want to avoid that fate.
Both political parties have also indicated they would not let Washington default on its debt later this year.
